India is planning to launch Global Database of crypto exchanges by next year

This initiative comes as part of India's push to align itself with international standards for regulating #cryptocurrency assets. The launch is expected by the end of the current financial year. This will help the ED, income tax department, and CBI to better track and monitor crypto usage in criminal activities, such as money laundering. According to the #FIU, crypto worth approximately 𝗥𝘀 𝟮𝟴,𝟬𝟬𝟬 𝗰𝗿𝗼𝗿𝗲 ($3.35 billion) were used in drug-related transactions, between 2019 and 2021 😳 Along with that, the Home Ministry is also developing a Cryptocurrency Intelligence and Analysis Tool (𝐂𝐈𝐀𝐓) to monitor #crypto transactions on the dark web.